Have you ever been frustrated by paying high fees on the Ethereum network? Whether you are a trader or a gamer, are you tired of waiting for block confirmations? If your answer is yes, then zkTube Labs network (“zkTube”) is your go-to platform. In perspective, an explanation is required before understanding how zkTube is addressing your problems.
Ethereum – the Growth and the Problem
The main competitive advantage Ethereum has over Bitcoin is that users (individuals and companies) are given more functionality than just sending and receiving funds. Users can build applications from various use cases. For example, there is an application on Ethereum to track city temperatures. Gaming apps, market prediction apps, decentralized marketplaces, cloud-computing apps, and many applications are available on the Ethereum platform. Many users have joined the Ethereum network with increasing hunger for more applications. The Ethereum open-sourced global virtual machine has become “the hottest platform in the world of cryptocurrency and blockchain” according to Bloomberg.
More applications have congested the Ethereum network. The platform has many transactions to process. Increasingly, the majority of these transactions are computationally intensive such as flash loans. As a result, the Ethereum network suffers from low transaction throughput. Other major challenges with Ethereum are high gas fees and scalability. If unresolved, all these problems threaten the long-term success of Ethereum.
Hope through Layer 2 Rollups
How can we meet the needs of millions of users on the Ethereum platform without sacrificing decentralization? A solution is available by using rollups on Layer 2. Rollups on Layer 2 is a scaling solution that performs transaction execution outside the main blockchain (Layer 1). This solution improves scalability and efficiency. An example approach is by shifting a portion of the transactional burden from the main blockchain to an adjacent system architecture. Faster finality of the state of transactions will be achieved once the validity proofs are posted to the main blockchain. By transferring the majority of transaction processing to an auxiliary architecture, the main blockchain becomes less congested and more scalable. It enables users to design gaming applications on a Layer 2 architecture and run their processes smoothly without affecting other users on the main blockchain platform.
Zero-Knowledge rollup (“ZK-rollup”) is a type of Layer 2 rollup or batches a “bundle” of transactions off-chain and creates a cryptographic proof for transaction validity. The validity proof will post transactions on the Layer1 main chain. A rollup smart contract on Layer 1 for this secondary architecture enforces correct transaction execution on Layer 2 using data from Layer 1. It maintains the state of all transactions and can only be updated through validity proof. ZK-rollups will only need the validity proof, instead of all transaction data that is on Layer 1. Therefore, validating a block becomes faster with fewer data included.
ZK-rollup has three main advantages. First, users enjoy faster finality as state verification is instant after posting the proofs to the main chain. Second, it inherits the security properties of the decentralized main chain (Layer 1) since the data for recovering the state is stored on it. Finally, ZK rollups nullify the economic attacks that may threaten optimistic rollups.
Zero-Knowledge Proof (“ZK-Proof”) was first introduced in the blockchain in 2016 by the Z-cash project. Currently, it is on Ethereum’s roadmap.
zKTube Protocol – the World’s First Zero-Knowledge Proof Mining Network
If you are thinking that Zero-knowledge rollup technology can resolve the problems you experienced on the Ethereum blockchain then you are right. zKTube has a package full of scaling features including protocols that is available now. So, what is the zkTube Project?
zkTube project is built and developed on Layer 2 using ZK-Rollup technology. It improves scalability by transferring batches of transactions to a single transaction. It compresses the user state on the chain and stores it on the Merkle tree. It also transfers the user state changes to the main chain while maintaining the correctness of the process under the main chain with a generated cryptographic proof (aka ZK-Proof). Processing user state changes on the main chain is relatively expensive. However, the cost of using a rollup smart contract on the Layer 1 chain to verify the correctness of ZK-Proof is relatively low. Additionally, the required transaction information is transmitted to the contract together with the certificate. Therefore, users can verify their accounts easily. The transaction data is still stored on the Ethereum chain but part of the work is transferred to offline completion while maintaining and inheriting security properties of the Ethereum blockchain.
Here is what you get with zkTube Protocol:
Throughput and Scalability
Layer 2 transactions contain less data to greatly enhance the throughput and scalability. The Layer 2 account can transfer funds directly without waiting for confirmation from Layer 1. The account balance is freely available and completed with transaction finality at Layer 1 using the validity proof, ZK-Proof.
Lower Transfer Cost
In off-chain token transfer, each rollup operation will equally split the settlement cost of a single block throughout the packing block from Layer 1 to Layer 2. This reduces the gas fee to execute a simple transaction which ranges between 300 and 500 units of gas (gwei). The gas limit for a standard Ether transfer is 21,000 gwei. The low transaction fee will deliver huge savings.
zkTube network guarantees Ethereum mainnet level security. In this network, a large number of computations and data storage operations are processed on Layer 2. A large number of transactions are aggregated into one block. A ZK-Proof is generated and sent to Layer 1 for uniform verification. The whole process ensures high transaction speed throughout the network and is very secure.
The Existential value of ETH
The cryptocurrency industry is considered non-environmentally friendly due to high energy consumption using the Proof of Work network. From an environmentalist angle, the cryptocurrency industry has a great dilemma. However, zkTube is using a Proof of Stake network that one can still work alongside with environmental conservation. The protocol adds value to Ethereum by lowering the transaction fees and reducing network congestion. zkTube will also be partnering with OneUni Capital in Canada to raise seed funding to support its continuing development.
The Roadmap – an Indication of Success
Our journey began in Q1 2021 with the release of the White Paper and the start of the protocol development. ZkTube testnet beta was launched in Q2. More than 50,000 users participated on the testnet. The number of nodes has exceeded 10,000. Currently, zkTube has attracted $6 million of capital funding with more than 10,000 participants joining our BitcoinTalk bounties. The Mainnet is set to launch on 10 September 2021. It will include an upgrade of testnet mining in innovative mining mode and the release of PayTube Wallet. With a zkTube token deposit, you can start staking and mining for profit. Q4 will involve Network Integration. zkTube will support solidity for Smart Contract, Layer 2 DEX, and Cross Rollup.
zkTube Project is innovative and best in class. It is focused on taking the cryptocurrency users’ experience to the next level. zkTube is achieving the world’s first Zero-Knowledge Proof Mining Network, and offers unique solutions to scalability and lower cost for the Ethereum network. It intends to resolve problems facing the DeFi platforms. Join us today, and let us change the face of costly transaction fees and DeFi offerings for a better tomorrow.